NEWARK, NJ – Accurate Builders & Developers has secured a $395 million loan for a three-property multifamily portfolio and an eight-acre development site in New Jersey. The loan was provided by the real estate private equity firm, Madison Realty Capital.
The eight-acre land parcel, located at the site of the former Bears Stadium in Newark, NJ, includes plans to develop 4,200 residential units. The project is part of a master-planned community, which will be built throughout nine phases. The ground-up development will include 200 affordable units, up to 3,000 parking spaces, at least 100,000 square feet of hospitality and retail space, co-working space and publically accessible green space.
The portfolio of assets includes three nearly-complete, mid-rise multifamily projects, which will offer a total of 1,161 units once complete.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
